XML 23 R8.htm IDEA: XBRL DOCUMENT
v3.23.2

Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2023
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] |
Financial Instruments | Financial Instruments Cash, Cash Equivalents, and Marketable Securities The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis:
| June 30, |  | December 31,
| 2023 |  | 2022
| (In millions)
Cash | $ | 22.1 |  |  | $ | 27.0 |
Time deposits | 4.4 |  |  | 4.1 |
Money market funds (Level 1) | 322.7 |  |  | 178.6 |
Debt securities issued by the U.S. Treasury (Level 1) | 591.7 |  |  | 776.1 |
Total | $ | 940.9 |  |  | $ | 985.8 |
Cash and cash equivalents | $ | 343.9 |  |  | $ | 373.6 |
Restricted cash (included in Other long-term assets) | 5.3 |  |  | 5.4 |
Total Cash, cash equivalents, and restricted cash | 349.2 |  |  | 379.0 |
Marketable securities | 591.7 |  |  | 606.8 |
Total | $ | 940.9 |  |  | $ | 985.8 |
The gross and net unrealized gains and losses included in the fair value of the debt securities were not significant for the periods presented. All of the debt securities held as of June 30, 2023 are scheduled to mature in less than one year. Fair Value Measurements The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in Cash and cash equivalents. The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. The fair value of all of these financial instruments are classified as Level 1 in the fair value hierarchy. The Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable. As of June 30, 2023, the carrying value of these financial instruments approximated their fair value. The aggregate fair value of the Company’s senior notes is $1.66 billion and $1.65 billion as of June 30, 2023 and December 31, 2022, respectively. The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsOwnedAtFairValueByTypeAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration